Gold steadied on Monday after falling 3 percent last week, supported by scepticism about an economic recovery, but the dollar remained a downside risk.
U.S. stocks tumble, Dow at lowest level in six years… European stock index hits six-year low… Tokyo stock index close lowest for 25 years…
Gold held below $900 an ounce on Tuesday, giving up some of the previous sessions’ gains, as easing risk aversion dampened interest in the precious metal. Spot gold was quoted at $898.65/900.25 an ounce at 1403 GMT, against $902.65 in New York late on Monday. Earlier it slipped to a low of $891.60 an ounce.
With commodity prices falling and the global economic outlook uncertain, Melbourne-based mining titan BHP Billiton (BHP) pulled the plug on its hostile takeover of rival Rio Tinto PLC (RTP), saying the proposed deal is of no longer in the best interest of shareholders.
The bear market has taken its toll on hedge funds so far this year. In the first half of ‘08 average hedge fund performance was a negative .75%. This from Bloomberg: